Descending Triangle. We've been here before.
As you can see from the chart BTC is forming a descending triangle very similar to the one before, which it eventually broke out of. This one is smaller and represents a fairly minor consolidation pattern in my view. There is lots of support underneath from rising moving averages, previous trend lines, and previous horizontal support levels. Price floor is at £31k if these support levels fail to hold. I am still bullish and expect a breakout of the descending triangle just like before, this bull market is volatile, as they always are with bitcoin, but if it fails to breakout then that would indicate that the market is running out of steam.
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